WT/GC/W/927/Rev.1  
 
14 May 2024 
(24-3765) Page: 1/31 
General Council  Original: English  
 
  
INCORPORATION OF  THE INVESTMENT FACILITATION  
FOR DEVELOPMENT AGREEMENT INTO ANNEX 4 OF THE WTO AGREEMENT  
COMMUNICATION FROM THE MEMBERS PARTIES TO THE  
INVESTMENT FACILITATION FOR DEVELOPMENT AGREEMENT1 
Revision2 
The following communication, dated 13 May 2024, is being circulated at the request of the Members 
parties to the Investment Facilitation for Development Agreement as referred to in the Draft 
Ministerial Decision (document WT/MIN(24)/ W/25  of 29 February 202 4), namely: Afghanistan; 
Albania; Angola; Antigua and Barbuda; Argentina; Armenia; Australia; Bahrain, Kingdom of; 
Barbados; Belize; Benin; Bolivia, Plurinational State of; Brazil; Burkina Faso; Burundi; Cabo  Verde; 
Cambodia; Cameroon; Canada; Central Afri can Republic; Chad; Chile; China; Congo;  Costa Rica; 
Côte d 'Ivoire ; Democratic Republic of the Congo ; Djibouti; Dominica; Dominican Republic; Ecuador; 
El Salvador; European Union; Gabon; Gambia; Georgia; Grenada; Guatemala; Guinea; 
Guinea -Bissau; Honduras; Hong Kong, China; Iceland; Indonesia; Japan; Kazakhstan; 
Korea,  Republic of; Kuwait, the State of; Kyrgyz Republic; Lao People 's Democratic Republic; Liberia; 
Macao, China; Malawi; Malaysia; Maldives; Mali; Mauritania; Mauritius; Mexico; Moldova,  
Republic  of; Mongolia; Montenegro ; Morocco; Mozambique; Myanmar; New Zealand; Nicaragua; 
Niger; Nigeria; North Macedonia;  Norway; Oman; Panama; Papua New Guinea; Paraguay; Peru; 
Philippines; Qatar; Russian Federation; Saudi  Arabia,  Kingdom  of; Seychelles;  Sierra Leone; 
Singapore; Solomon Islands; Suriname; Switzerland; Tajikistan; Thailand; Togo; Uganda; 
United  Arab Emirates; United Kingdom; Uruguay; Vanuatu; Venezuela, Bolivarian Republic of; 
Yemen; Zambia; and Zimbabwe .  
The above -mentioned Members  parties hereby request the General Council to adopt the draft 
decision below, pursuant to paragraph 9 of Article X of the Marrakesh Agreement Establishing the 
World Trade Organization. In this regard, we are committed to further discussions and consultations 
with all Members. We also invite all WTO Members to review the I nvestment Facilitation for 
Development  'Toolkit ' (accessi ble on the IFD portal  via this  link), which contains useful information 
on the background, content and economic benefits of the IFD Agreement.  
 
_______________  
 
  
 
1 Following the issuing of the Joint Ministerial Declaration by IFD Members parties (WT/MIN(24)/17  
dated 25 February 2024, as revised in document WT/MIN(24)/17/Rev.1  dated 29 February 2024 ), a Draft 
Ministerial Decision on Adding the Investment Facilitation for Development Agreement to Annex 4 of the WTO 
Agreement was circulated at the Thirteenth Ministerial Conference in Abu Dhabi in document WT/MIN(2 4)/18  
dated 25 February 2024, as revised in document WT/MIN(24)/W/25  dated 29 February 2024. The present 
revised Communication serves to repurpose document WT/MIN(24)/ W/25 for a General Council Decision, 
pursuant to paragraph 2 of Article IV of the Marrakesh Agreement Establishing the World Trade Organization.  
2 This revision is to add Burkina Faso as co -sponsor to the Joint Communication from the Members 
parties to the Investment Facilitation for Development Agreement, issued on 8 March 2024.  WT/GC/W/927/Rev.1  
 
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  INVESTMENT FACILITATION FOR DEVELOPMENT AGREEMENT  
DRAFT GENERAL COUNCIL DECISION OF [DATE]  
The General Council ; 
 
Having regard to paragraph 9 of Article X  of the Marrakesh Agreement Establishing the 
World  Trade  Organization (the "WTO Agreement");  
Conducting the functions of the Ministerial Conference pursuant to paragraph 2 of Article IV 
of the WTO Agreement;  
 
Taking note of the request to add the Investment Facilitation for Development Agreement to 
Annex 4 of the WTO Agreement ( WT/GC/W/927); 
 
Decides as follows:  
 
The Investment Facilitation for Development Agreement as annexed to this Decision shall, 
upon its entry into force in accordance with paragraph 1 of its Article 45, be  added to Annex 4 of 
the WTO Agreement, after the Agreement on Gover nment Procurement .  
_______________  
 
 
  WT/GC/W/927/Rev.1  
 
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  ANNE X
INVESTMENT FACILITATION  FOR DEVELOPMENT  AGREEMENT  
PREAMBLE  ................................ ................................ ................................ ........................  5 
SECTION I: SCOPE AND GENERAL PRINCIPLES  ................................ ................................  6 
Article 1 : Objectives  ................................ ................................ ................................  6 
Article 2 : Scope  ................................ ................................ ................................ ....... 6 
Article 3 : Definitions  ................................ ................................ ...............................  6 
Article 4 : Relation to International Investment Agreements  ................................ ... 7 
Article 5 : Most -Favoured Nation Treatment  ................................ .............................  7 
SECTION II: TRANSPARENCY OF INVESTMENT MEASURES ................................ ...............  9 
Article 6 : Publication and Availability of Measures and Information  .......................  9 
Article 7 : Information to be Made Publicly Available if authorization is 
Required for an Investment  ................................ ................................ ..................  10 
Article 8 : Single Information Portal  ................................ ................................ ....... 10 
Article 9 : No Fees Imposed for Access to Information  ................................ ..........  10 
Article 10 : Publication in Advance and Opportunity to Comment on 
Proposed Measures  ................................ ................................ ...............................  11 
Article 11 : Notification to the WTO  ................................ ................................ ........  11 
Article 12 : Information to be Made Publicly Available on the Entry and 
Temporary Stay of Natural Persons for the Purpose of Conducting 
Investment Activities  ................................ ................................ ............................  11 
SECTION III: STREAMLINING AND SPEEDING UP ADMINISTRATIVE 
PROCEDURES  ................................ ................................ ................................ .................  13 
Article 13 : Reasonable, Objective and Impartial Administration of 
Measures  ................................ ................................ ................................ ...............  13 
Article 14 : General Principles for Authorization Procedures  ................................ .. 13 
Article 15 : Authorization Procedures  ................................ ................................ ..... 13 
Application periods  ................................ ................................ ..........................  13 
Acceptance of authenticated copies  ................................ ................................ .... 13 
Processing of applications  ................................ ................................ .................  14 
Treatment of incomplete applications  ................................ ................................ . 14 
Rejection of applications  ................................ ................................ ...................  14 
Article 16 : Multiple Applications  ................................ ................................ ............  15 
Article 17 : Authorization Fees  ................................ ................................ ...............  15 
Article 17 Bis: Authorization Fees – Financial Services  ................................ ..........  15 
Article 18 : Use of Information and Communication Technologies or 
E-Government  ................................ ................................ ................................ ....... 15 
Submission of applications online, use of electronic forms, documents and 
copies  ................................ ................................ ................................ ............  15 
Online payment of authorization fees  ................................ ................................ . 15 
Article 19 : Independence of Competent Authorities  ................................ ..............  15 WT/GC/W/927/Rev.1  
 
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  Article 20 : Appeal or Review  ................................ ................................ .................  16 
Article 21 : Periodic Review  ................................ ................................ ...................  16 
SECTION IV: FOCAL POINTS, DOMESTIC REGULATORY COHERENCE AND 
CROSS -BORDER COOPERATION  ................................ ................................ .....................  17 
Article 22 : Focal Points ................................ ................................ ..........................  17 
Article 23 : Domestic Regulatory Coherence  ................................ ..........................  17 
Article 24 : Domestic Supplier Databases  ................................ ...............................  17 
Article 25 : Supplier -Development Programmes  ................................ .....................  18 
Article 26 : Cross -Border Cooperation on Investment Facilitation  ..........................  18 
SECTION V: SPECIAL AND DIFFERENTIAL TREATMENT FOR DEVELOPING AND 
LEAST -DEVELOPED COUNTRY PARTIES  ................................ ................................ ..........  19 
Article 27 : General Principles  ................................ ................................ ................  19 
Article 28 : Categories of Provisions  ................................ ................................ ....... 19 
Article 29 : Notification and Implementation of Category A  ................................ ... 19 
Article 30 : Notification of Dates for Implementation of Categories B and C  ..........  20 
Developing Country Party Category B  ................................ ................................ . 20 
Developing Country Party Category C ................................ ................................ . 20 
Least -Developed Country Party Category B  ................................ .........................  21 
Least -Developed Country Party Category C  ................................ .........................  21 
Article 31 : Early Warning Mechanism: Extension of Implementation Dates 
for Provisions in Categories B and C  ................................ ................................ ...... 22 
Article 32 : Expert Group to Support Implementation of Category B and 
Category  C Provisions  ................................ ................................ ...........................  22 
Article 33 : Shifting Between Categories B and C  ................................ ...................  23 
Article 34 : Grace Period for the Application of the Dispute Settlement 
Understanding  ................................ ................................ ................................ ....... 23 
Article 35 : Provision of Assistance and Support for Capacity Building  ...................  24 
Article 36 : Information on Assistance and Support for Capacity Building to 
be Submitted to the Committee  ................................ ................................ .............  25 
SECTION VI: SUSTAINABLE INVESTMENT  ................................ ................................ ...... 27 
Article 37 : Responsible Business Conduct  ................................ .............................  27 
Article 38 : Measures Against Corruption  ................................ ...............................  27 
SECTION VII: INSTITUTIONAL ARRANGEMENTS AND FINAL PROVISIONS  ....................  28 
Article 39 : WTO Committee on Investment Facilitation  ................................ .........  28 
Article 40 : Disclosure of Confidential Information  ................................ .................  29 
Article 41 : General and Security Exceptions  ................................ ..........................  29 
Article 42 : Financial Exceptions  ................................ ................................ .............  29 
Article 43 : Monetary and Exchange Rate Policies  ................................ ..................  29 
Article 44 : Dispute Settlement  ................................ ................................ ..............  29 
Article 45 : Final Provisions  ................................ ................................ ....................  29 WT/GC/W/927/Rev.1  
 
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  PREAMBLE  
The Parties to this Agreement (hereinafter referred to as "the Parties") , 
Recognizing  the complementary relationship between investment and trade and their key role in 
advanc ing development in the global economy;  
Recognizing  the importance of investment in the promotion of sustainable development, economic 
growth, poverty reduction, job creation, technology transfer, the expansion and diversification of 
productive capacity and trade , as well as for the achievement of the United Nations 2030 Sustainable 
Development Goals ; 
Desiring  to increase the participation of developing countries in investment flows including, inter alia, 
through a more transparent and efficient investment environment;  
Aiming  to enhance investment, including investment in and by micro, small and medium -sized 
enterprises  (hereinafter referred to as "MSMEs") ; 
Wishing  to establish multilateral rules and disciplines on investment facilitation to enhance the 
transparency, efficiency and predictability of the investment regulatory environment;  
Affirming  the importa nce of responsible business conduct and of combating corruption for the 
promoti on of sustainable investment;  
Recognizing  the special  needs of developing and particularly  least-developed country Parties  and the 
importance of support ing them in implementing this Agreement through enhanced technical 
assistance and capacity building;  
Recognizing  the importance of information sharing, the exchange of best practices and other means 
of international cooperation  on investment facilitation , including with relevant international 
organizations;  
Recognizing  the importance of domestic coordination, regulatory coherence and enhancing relations 
with relevant stakeholders;  
Recognizing  the right of Parties  to regulate in the public interest within their  territories so as to meet 
their policy objectives;   
Desiring to encourage acceptance of this Agreement by all Members  of the WTO ;  
Hereby agree as follows:  
  WT/GC/W/927/Rev.1  
 
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  SECTION I  
SCOPE AND GENERAL PRINCIPLES  
Article 1 : Objectives  
The purpose of this Agreement is to improve the transparency of measures, streamline 
administrative procedures,  adopt other investment facilitation measures and promote international 
cooperation, as a means of facilitating the flow of foreign direct investmen t between the Parties , 
particularly to developing and least -developed country Parties , with the  aim of fostering sustainable 
development.   
Article 2 : Scope  
2.1  With the aim of facilitating foreign direct investment, this Agreement applies to measures 
adopted or maintained by a Party relating to investment activities of investors of another Party. 
2.2  Nothing in this Agreement shall be construed as to create new or modify existing commitments 
relating to market  access, nor to create new or modify existing rules on the protection of investments 
or Investor -State Dispute Settlement .1 
2.3  A Party's  obligations under this Agreement shall apply to measures adopted or maintained by:  
(a) its central, regional or local governments and  authorities ; and  
(b) non-governmental bodies in the exercise of powers delegated by central, regional or local 
governments or  authorities . 
2.4  In fulfilling its obligations and commitments under this Agreement , each Party shall take such 
reasonabl e measures as may be available to it to ensure their observance by regional and local 
governments and authorities and non -governmental bodies, as referred to in subparagraph 2.3(b) , 
within its territory.  
2.5  This Agreement shall not  apply to:  
(a) government procurement; or 
(b) subsidies  or grants of a Party, which under that Party's  laws and regulations are not 
available to an investor of another Member.  
Article 3 : Definitions  
For the purposes of this Agreement:  
(a) "investment activities" means the establishment, acquisition, expansion, operation, 
management, maintenance and sale or other dispos al of an investment ; 
(b) "measure " means any measure by a Party, whether in the form of a law, regulation, rule, 
procedure, decision, administrative action , or any other form ; 
 
1 For greater certainty, this Agreement does not confer any right of establishment of an  investment on 
investors of another Party. Hence, the provisions of this Agreement are without prejudice to the right of a Party 
to accept or reject an investment in accordance with its laws and regulations or to adopt or maintain measures 
relating to  authorization in a manner that is consistent with the provisions of Section III.  WT/GC/W/927/Rev.1  
 
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  (c) "authorization" means the permission2 by a competent authority3 to pursue investment 
activities, resulting from a procedure an investor must adhere to in order to demonstrate 
compliance with the necessary requirements;  
(d) "investor  of another Party" means : 
(i) a natural  person having the nationality of that Party in accordan ce with its laws 
and regulations;  
(ii) a natural  person who has the right of permanent residence in that Party, where 
such Party does not have nationals or has made a notification pursuant to 
Article  XXVIII(k)(ii) of the General Agreement on Trade in Services (hereinafter 
referred to as the " GATS "); or 
(iii) a juridical person with substantive business operations in the territory of that Party; 
that is engaged in investment activities in the territory of any other Party; and  
(e) "juridical  person" means any legal entity duly constituted  or otherwise organized under 
applicable law, whether for profit or otherwise, and whether privately -owned or 
governmentally -owned, including any corporation, trust, partnership, joint venture, sole 
proprieto rship or association ; and  
(f) "country" includes any separate customs territory Member of the WTO that is a Party to 
this Agreement. In the case of a separate customs territory Member of the WTO that is a 
Party to this Agreement, where an expression in this Ag reement is qualified by the term 
'national', such expression shall be read as pertaining to that customs territory, unless 
otherwise specified.  
Article 4 : Relation to International Investment Agreements  
4.1  International investment agreements shall not serve as a mean s to interpret or apply this 
Agreement.  
4.2  This Agreement shall not serve as a means to interpret any provision of an international 
investment agreement, and shall not be used as the basis for a claim or in any way by a claimant 
under the procedures for the r esolution of investment disputes between investors and States 
provided for in an international investment agreement .4 
Article 5 : Most-Favoured  Nation  Treatment  
5.1  Each Party shall accord to investors of another Member and their investments treatment no less 
favourable than that it accords, in like circumstances, to investors of any other Member  and their 
investments, in applying the provisions set out in this Agreement in its territory .5 
5.2  Paragraph  5.1 shall not be construed as requiring a Party to extend to investors of another 
Member or their investments , the advantage of any treatment resulting from:  
 
2 For greater certainty, the legal system of a Party may prescribe that permission be provided in a 
certain form, such as an administrative act.  
3 For the purposes of this definition, "competent authority" means a central, regional or local 
government or authorit y of a Party, or a non -governmental body in the exercise of powers delegated by a 
central, regional or local government or authori ty of a Party, that grants authorization . 
4 For greater certainty, provisions included in this Agreement do not in themselves constitute 
"treatment" within the meaning of  relevant provisions of international investment agreements.  
5 For greater certainty, this paragraph shall not be construed as creating any obligation for Members 
that have not accepted this Agreement, nor shall it be construed as creating any right for those Members , 
including the right to refer matters arising from this Agreement to a dispute settlement proceeding under the 
Understanding on Rules and Procedures Governing the Settlement of Disputes (hereinafter referred to as the 
"Dispute Settlement Unde rstanding "). WT/GC/W/927/Rev.1  
 
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  (a) any international investment agreement, whether it is:  
(i) a separate  agreement; or  
(ii) investment -related chapters in an agreement forming a free -trade  area or a 
customs union  pursuant to Article XXIV of the General Agreement on Tariffs and 
Trade 1994 (hereinafter referred to as the " GATT 1994 ") set out in Annex 1A to 
the Marrakesh Agreement  Establishing the WTO (hereinafter referred to as "WTO 
Agreement "), or the Decision on Differential and More Favourable Treatment, 
Reciprocity, and Fuller Participation of Developing Countries (hereinafter referred 
to as the " Enabling Clause "), or an economic integration agreement pursuant to 
Article V of the GATS;  
(b) any other relevant provision6 in an agreement forming a free -trade area or a customs 
union pursuant to Article XXIV of the GATT 1994 , or the Enabling Clause, or an economic 
integrat ion agreement pursuant to Article V of the GATS ; or 
(c) any measure  providing for recognition, including the recognition of the standards or 
criteria for authorization,  licensing or certification of a natural person or an enterprise to 
carry out an economic ac tivity, or the recognition of prudential measures as referred to in 
paragraph 3 of the  Annex on Financial Services  of the GATS . 
5.3  For greater certainty, provisions of any  other international agreement entered into  by a Party 
do not in themselves constitute "treatment" as referred to in paragraph 5.1 and thus cannot be 
taken into account when assessing a breach of this  Agreement.  
5.4  For greater certainty, the treatment accorded by a Party under this Article means, with respect 
to a government other than at the central level, treatment accorded, in like circumstances, by that 
government to investors  of any other Member  and their investments . 
  
 
6 For greater certainty, the term "relevant provision" refers to provisions that relate to the same subject 
matter or to the same category of subjects as those  to which this Agreement applies.  WT/GC/W/927/Rev.1  
 
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  SECTION II  
TRANSPARENCY OF INVESTMENT MEASURES  
Article 6 : Publication and  Availability of  Measures and Information   
6.1  Each Party shall promptly publish7 or otherwise make publicly available and, except in 
emergency situations, at the latest by the time of their entry into force, all relevant measures of 
general application with respect to matters falling within the scope of this Agreement in such a 
manner  as to enable investors, other interested persons and other Parties to become acquainted 
with them. Each Party shall publish, at the latest by the time of their entry into force  for the Party, 
international agreements affecting investment to which it is a signatory party.  
6.2  Each Party shall, to the extent practicable, endeavour to allow reasonable time between 
publication of the text of a  law or regulation referred to in paragraph 6.1 and the date on which 
investors must comply with the law or regulation.  
6.3  In publishing a new law or regulation referred to in paragraph 6.1, or changes thereto, or in 
advance of such publication, to the extent practicable and in a manner consistent with its legal 
system for adopting measures, a Party shall endeavour to explain the purpose and ration ale of the 
law or regulation.  
6.4  Each Party shall make available , via electronic means , information of importance to investors, 
and keep the information updated, as appropriate. Such information includes:  
(a) laws and regulations specifically addressing foreign direct investment, where they exist;  
(b) information  on which sectors are open, restricted or prohibited to foreign direct 
investment;  
(c) where  practicable, information on the practical steps relevant to invest ing in its territory. 
This information should cover, inter alia , the requirements and procedures, where they 
exist, relat ing to: 
(i) company establishment and business registration;  
(ii) connecting to essential infrastructure;  
(iii) acquisition and regist ration  of property;  
(iv) construction permits;  
(v) capital transfers and payments;  
(vi) the payment of taxes;  
(vii) public incentives available to investors;  and 
(viii)  resolving insolvency;  and 
(d) contact  information of relevant competent authorities.  
6.5  Parties  that adopt or maintain measures of general application to facilitate outward foreign 
direct investment, are encouraged to publish them or otherwise make them publicly  available, 
including through electronic means.  
 
7 For the purposes of this Agreement, "publish" me ans to include in an official publication, such as an 
official journal, or on an official website.  WT/GC/W/927/Rev.1  
 
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  Article 7 : Information  to be Made  Publicly Available if Authorization is Required for an 
Investment  
7.1  If a Party requires authorization for an investment in its territory, the Party shall promptly 
publish or otherwise make publicly available in writing, to the extent practicable via electronic 
means, and keep updated, the information necessary to comply with the req uirements and 
procedures for obtaining, maintaining, amending and renewing such authorization. Such information 
shall include, inter alia , where it exists8:  
(a) the requirements including the relevant technical regulations and standards applicable to 
the inv estment;  
(b) the relevant forms;  
(c) procedures;  
(d) indicative timeframes for processing of an application;  
(e) authorization fees;  
(f) opportunities for public involvement, such as through hearings or comments;  
(g) procedures for appeal or review of decisions concerning applic ations;  
(h) procedures for monitoring or enforcing compliance with the terms and conditions of 
authorizations; and  
(i) contact information  of the relevant competent authorities.  
7.2  To the extent practicable, the information in paragraph 7.1 should be made available in one of 
the official languages of the WTO.  
Article 8 : Single Information Portal  
8.1  To the extent practicable, each Party is encouraged to make available measures and information 
referred to in paragraphs 6.1, 6.4 and 7.1 through a single information portal, which includes making 
available the relevant  web links to electronic publications.  
8.2  Parties  shall endeavour to ensure that the single information portal is kept updated.  
8.3  Each Party should include in the single information portal the contact information of the focal 
points or appropriate mechanisms referred to in paragraph 22.1. 
8.4  Each Party is encouraged to publish on the single information portal the measures and 
information referred to in paragraphs 6.4 and 7.1 in one of the  official languages of the WTO.  
Article 9 : No Fees Imposed for Access to Information  
No fee s shall be imposed on any investor or person seeking to invest in a Party's  territory for 
acces s to the measures or information provided under this Section.  
 
8 With respect to an authorization a Party requires regarding financial services, the requirement under 
this Article to publish or make publicly available te chnical regulations or standards, indicative timeframes for 
processing of an application, or authorization fees, applies to the extent that this is consistent with the laws, 
regulations, guidelines and regular administrative practices of the Party.  WT/GC/W/927/Rev.1  
 
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  Article 10 : Publication in Advance and Opportunity to Comment on Proposed Measures  
10.1  To the extent practicable and in a manner consistent with its legal system for adopting 
measures, each Party9 shall publish in advance:  
(a) its laws and regulations of general application, or changes thereto, it proposes to adopt  in 
relation to matters falling within the scope of this Agreement; or  
(b) documents  that provide sufficient details about such a possible new law or regulation to 
allow investors, other interested persons and other Parties  to assess whether and how 
their interests might be significantly affected.  
10.2  To the extent practicable and in a manner consistent with its legal system for adopting 
measures , each Party is encouraged to apply paragraph 10.1 to procedures and administrative 
rulings of general application it proposes to adopt  in relation to matters falli ng within the scope of 
this Agreement.  
10.3  To the extent practicable and in a manner consistent with its legal system for adopting 
measures , each Party shall provide investors, other interested persons and other Parties  a 
reasonable opportunity to comment on such proposed measures or documents published under 
paragraph 10.1 or 10.2 and shall consider the comments received.10, 11 
Article 11 : Notification to the WTO 
Each Party shall promptly notify the Committee on Investment Facilitation  (hereinafter referred 
to as the "Committee")  established  under paragraph 39.1 of:  
(a) the introduction of any new, or any significant  changes to existing, laws or regulations of 
general application referred to in paragraph 6.1; 
(b) the official place(s) where the measures referred to  in paragraphs 6.1 and 7.1 have been 
published;  
(c) the website(s) referred to in paragraphs 6.4, 7.1 and 8.1; and 
(d) the contact information of the relevant competent authorities referred to in 
subparagraphs  6.4(d)  and 7.1(i) , and of the focal points or appropriate mechanisms 
referred to in par agraph 22.1. 
Article 12 : Information to be Made Publicly Available on the Entry and Temporary Stay of 
Natural Persons for the Purpose of Conducting  Investment Activities  
12.1  Except as set out in paragraph 12.3, this Agreement shall not apply to measures by a Party 
relating to the entry of natural per sons into, or temporary stay in, its territory.  
12.2  For greater certainty, this Agreement shall not apply to measures affecting natural persons 
seeking access to the employment market of a Party, nor shall it apply to measures regarding 
citizenship, nationali ty, residence or employment on a permanent basis.  
12.3  To the extent practicable, each Party shall make publicly available online information on the 
requirements and procedures for entry and temporary stay of natural persons in its territory,  
including, where a pplicable, relevant forms, documents, fees, and explanatory materials that will 
 
9 For the purpose s of paragraphs 10.1 to 10.3, the Parties recognize that each Party has different 
systems to consult interested persons and other Parties on certain measures before their adoption, and that 
the alternatives set out in paragraph  10.1 reflect different legal systems.  
10 This provision does not place any obligation on the final decision of a Party that adopts or maintains 
any measure for authori zation for an investment. The submission of comments does not oblige the relevant 
competent authorities to accept them in whole or in part.  
11 For greater certainty, the sole fact that the legal system of a Party may provide that proposed 
measures on taxation are published for information only and not for comment, is not inconsistent with 
paragraph 10.3. WT/GC/W/927/Rev.1  
 
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  enable interested persons of any other Party to become acquainted with applicable requirements 
and procedures.  
  WT/GC/W/927/Rev.1  
 
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  SECTION III 
STREAMLINING AND SPEEDING UP ADMINISTRATIVE PROCEDURES12 
Article 13 : Reasonable, Objective and Impartial Administration of Measures  
Each Party shall ensure that all measures of general application within the scope of this 
Agreement are administered in a reasonable, objective and impartial  manne r. 
Article 14 : General Principles for Authorization Procedures  
14.1  Each Party shall ensure that the authorization procedures it adopts or maintains do not unduly 
complicate or delay investment activities .  
14.2  If a Party adopts or maintains measures relating to the authorization for an investment, the 
Party shall ensure that:  
(a) such measures are based on objective and transparent criteria13; 
(b) the procedures are impartial, and that the procedures are  adequate for applicants t o 
demonstrate whether they meet the requirements, where such requirements exist;  and 
(c) the procedures do not in themselves unjustifiably prevent the fulfilment of requirements.  
14.3  The assessment by a Party's  relevant competent authorities of an application for authorization 
shall be made on the basis of criteria set out in a measure  in accordance with the Party's legal 
system.14  
Article 15 : Authorization Procedures  
15.1  If a Party requires authorization for an investment, it shall ensure that its competent 
authorities:  
Application periods  
(a) to the extent practicable , permit submission of an application at any time throughout the 
year.15 If a specific time period exists for applying for an authorization, the Party shall 
ensure that the competent authorities allow a reasonable period for the submission of an 
application;  
Acceptance of authenticated copies  
(b) accept  copies of documents that are authenticated in accordance with the Party's  laws and 
regulations, in place of original documents, unless the competent authorities require 
original documents to protect the integrity of the authorization process;  
 
12 For the purpose s of this Section , "applicant" means a natural or j uridical person of another Party who 
has applied for an authorization to invest in the territory of any other Party. 
13 Such criteria may include, inter alia , competence and the ability to conduct an investment activity, 
including to do so in a manner consi stent with a Party's  regulatory requirements, such as health and 
environmental requirements. Competent authorities may assess the weight to be given to each criterion.  
14 For greater certainty, the assessment of a single application based upon the assessme nt-specific 
criteria referred to in paragraph 14.3, or the conclusion reached by the competent authorities regarding a 
single application, is not subject to the Dispute Settlement Understanding.  
15 Competent authorities are not required to start considering applications outside of their official 
working hours and working days.  WT/GC/W/927/Rev.1  
 
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  (c) where a ny other  competent authority of the Party requires and holds original documents , 
and to the extent that it is consistent with the Party's  laws and regulations , accept an 
authenticated copy from the applicant or, where applicable , a copy from the competent 
authority holding the original ; 
Processin g of applications  
(d) to the extent practicable, provide an indicative timeframe for processing of  an application ;  
(e) at the request of the applicant, provide without undue delay information concerning the 
status of the application;  
(f) to the extent practicable, ascertain without undue delay the completeness of an application 
for processing under the Party's  laws and regulatio ns; 
(g) if they consider an application complete for processing under the Party's  laws and 
regulations16, within a reasonable period of time after the submission of the application, 
ensure that:  
(i) the processing of the application is completed ; and  
(ii) the applica nt is informed of the decision concerning the application17, to the extent 
possible in writing18;  
Treatment of incomplete applications  
(h) if they consider an application incomplete for processing under the Party's  laws and 
regulations , within a reasonable period of time after the submission of the application,  to 
the extent practicable:  
(i) inform  the applicant that the application is incomplete;  
(ii) upon request of the applicant, identify the additional information required to 
complete  the application, or otherwise provide guidance on why the application is 
considered incomplete; and  
(iii) provide  the applicant with the opportunity19 to provide the additional information 
that is required to complete the application;  
however, if none of the above is practicable, and the application is rejected due to 
incompleteness, ensure that they so inform the applicant within a reasonable period of  
time after the rejection decision; and  
Rejection of applications  
(i) if an application is rejected, to the extent practicable, either upon their own initiative or 
upon request of the applicant, inform the applicant in writing of the reasons for rejection 
and, if applicable, the procedures for resubmission of an application. An applicant should 
not be prevented from submitting another application20 solely on the basis of a previously 
rejected application.  
 
16 Competent authorities may require that all information is submitted in a specified format to consider 
it "complete for processing".  
17 Competent authorities may meet this requirement by informing an applicant in advance in writing, 
including through a published measure, that the lack of response after a specified period of time from the d ate 
of submission of the application indicates either acceptance or rejection of the application.  
18 "In writing" may include in electronic form.  
19 Such opportunity does not require a competent authority to provide extensions of deadlines.  
20 Competent autho rities may require that the content of such an application be revised.  WT/GC/W/927/Rev.1  
 
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  15.2  The competent authorities of a Party shall ensure that authorization, once granted, enters into 
effect without undue delay, subject to applicable terms and conditions.21 
Article 16 : Multiple Applications  
Each Party shall, to the extent practicable, avoid requiring an applicant to approach more than 
one competent authority for each application for authorization. If an investment is within the 
jurisdiction of multiple competent authorities, multiple applications for authorization may be 
required. In such cases, to the extent practicable and in accordance  with its legal system, each Party 
is encouraged to utilize a single -entry point for the applications. Parties  may use the single 
information portal referred to in paragraph 8.1 for that purpose.  
Article 17 : Authorization Fees  
17.1  Each Party shall ensure that the authorization fees22 charged by its competent authorities, 
where they exist, are reasonable, transparent, based on authority set out in a measu re and do not 
in themsel ves restrict investment activities  of investors of another Party.  
17.2  Each Party shall accord , to the extent practicable , an adequate period of time  between the 
publication of new or amended authorization fees and their entry into force, except in urgent 
circumstances. Such fees shall not be applied until information on them has been published.  
Article 17 Bis: Authorization Fees – Financial Services23 
Each Party shall ensure that its competent authorities, with respect to authorization fees they 
charge regarding financial services, provide an applicant with a schedule of fees or information on 
how fee amounts are determined. A Party shall not use such fees as a m eans of avoiding the Party's  
commitments or obligations under this Agreement.  
Article 18 : Use of Information and Communication Technologies  or E-Government24  
Submission of applications online, use of electronic forms, documents and copies  
18.1  If a Party requires authorization for an investment, its competent authorities, taking into 
account their competing priorities and resource constraints, shall endeavour to accept electronic 
submission of applications, including in electronic format .25  
Online  payment of authorization fees  
18.2  Each Party shall, to the extent practicable, allow the online  payment of authorization fees 
collected by relevant competent authorities.  
Article 19 : Independence of Competent Authorities   
If a Party adopts or maintains a measure relating to the authorization  for an investment, the 
Party shall ensure that the competent authority reaches and administers its decisions in a manner 
independent from any investor or  enterprise carrying out the economic activity for which 
authorization is requ ired.26  
 
21 Competent authorities are not responsible for delays due to reasons outside of their competence.  
22 For the purposes of this Agreement, a uthorization fees do not include fees for the u se of natural 
resources, royalties, payments for auction, tendering or other non -discriminatory means of awarding 
concessions, or mandated contributions to universal service provision.  
23 For greater certainty, paragraphs 17.1 and 17.2 do not apply to authorization fees charged by a Party 
regarding financial services.  
24 Including electronic submission of applications, documents and copies, and use of electronic forms.  
25 For greater certainty, this provision also applies to the acceptance of copies in lieu  of original 
documents, as provided  for in paragraph 15.1. 
26 For greater certainty, this provision does not mandate a particular administrative structure; it  refers 
to the decision -making process a nd administering of decisions.  WT/GC/W/927/Rev.1  
 
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  Article 20 : Appeal or Review  
20.1  Each Party shall maintain or institute judicial, arbitral or administrative tribunals or procedures 
which provide, at the request of an affected i nvestor,  for the prompt review of, and where justified, 
appropriate remedies for, administrative decisions affecting  investment  activities . Such tribunals or 
procedures shall be impartial and independent of the authority entrusted with the administrative 
decision concerned and they shall not have any substantial interest in the outcome of the matter. 
Where such  procedures  are not independent of the authority  entrusted with the administrative 
decision concerned, the Party shall ensure that the procedures in fact provide for an objective and 
impartial review.  
20.2  Paragraph 20.1 shall not be construe d to require a Party to institute such tribunals or 
procedures where this would be inconsistent with its constitutional structure or the nature of its legal 
system.  
20.3  Each Party shall ensure that the parties  in paragraph 20.1 are provided with the right  to: 
(a) a reasonable  opportunity to support or defend their respective positions and su bmit all 
relevant information; and  
(b) a decision  based on the evidence and submissions of record or, where required by its law, 
the record compiled by the administrative authority.  
20.4  The decision referred to in subparagraph  20.3  (b) shall, subject to appeal or further review 
as provided for in each Party's  law, be implemented by the authority entrusted with administrative 
enforcement.  
Article 21 : Periodic Review  
21.1  Each Party is enco uraged to review, at intervals it deems appropriate, its measures of general 
application within the scope of this Agreement , to determine whether any of such measures it has 
implemented should be modified, streamlined, expanded or repealed so as to make th e Party's  
investment facilitation regime more effective in achieving its policy objectives and in addressing the 
specific needs of MSMEs . 
21.2  Each Party is encouraged to periodically review its authorization fees with a view to reducing 
their number and divers ity. 
21.3  Parties  are encouraged to consider stakeholder feedback and make use of relevant 
international performance indicators. Parties  are invited to share with the Committee their 
experiences in carrying out periodic reviews and policy recommendations result ing therefrom . 
  WT/GC/W/927/Rev.1  
 
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  SECTION IV  
FOCAL POINTS, DOMESTIC REGULATORY COHERENCE  
AND CROSS -BORDER COOPERATION  
Article 22 : Focal Points27  
22.1  Each Party shall establish or maintain one or more focal points or appropriate mechanisms to:  
(a) respond to enquiries28 from investors or persons seeking to invest regarding  the measures  
covered by this Agreement ; and  
(b) assist  investors or persons seeking to invest in o btaining relevant information on measures 
covered by this Agreement  from competent authorities.  
22.2  Parties  are encouraged not to require the payment of a fee for answering enquiries or assisting 
investors in obtaining relevant information.  
22.3  Parties  may assign additional functions to the focal points or appropriate mechanisms 
established under paragraph 22.1, such as to assist in resolv ing problems of investors or persons 
seeking to invest that may arise regarding measures covered by this Agreement or to recommend  
measures to improve the investment environment.  
Article 23 : Domestic Regulatory Coherence   
23.1  When preparing major regulatory measures within the scope of this Agreement, each Party is 
encouraged to carry out, in accordance with its rules and procedures, an impact assessment29 of 
such measures.  
23.2  When conducting such impact assessments, the regulator y authority of the Party should  offer 
reasonable opportunities , on a non -discriminatory basis,  to any interested person to provide 
comments , and should take into consideration the potential impact of the proposed measures  on 
investors, including  MSMEs . 
23.3  Each Party should ensure that, in accordance with its legal system, its competent authorities 
responsible for procedures related to investments , cooperate with one another and coordinate their 
activities in order to facilitate investment.  
Article 24 : Domestic Suppli er Databases  
24.1  Each Party is encouraged to promote the establishment of one or more domestic supplier 
database(s)30 with the aim of making available to investors and persons seeking to invest , 
information on possible relevant domestic suppliers, including  MSMEs.31  
24.2  The database referred to in paragraph 24.1 may have, inter alia, the following features, where 
possible:  
(a) be searchable by sector or industry, company, product or service, location, certifications, 
etc.; 
 
27 Any information provided under this provision shall be without prejudice as to whether a measure is 
consistent with this Agreement.  
28 The Party shall endeavour to respond to enquiries within a reasonable time  period set by each Party, 
which may vary depending on the nature or complexity of the request.  
29 The impact assessment aims  to consider, among others, the social, economic and environmental 
impact s of the intended regulatory measure, as well as appropriate  alternatives to a given measure.  
30 For greater certainty, it is up to each Party to decide how to implement such domestic supplier 
database, including which entity, public or private (e.g. , business association), would be in charge of the 
database.  
31 Such domestic supplier databases are for information purposes only and Parties  shall not be liable in 
any form whatsoever for the content shared through these databases.  WT/GC/W/927/Rev.1  
 
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  (b) be available online; and 
(c) be available in one of the WTO official languages . 
24.3  Parties  shall endeavour to ensure tha t domestic supplier databases are kept updated.  
Article 25 : Supplier -Development Programmes  
Parties  are encouraged, where appropriate and in a manner consistent with their legal systems 
and their international trade and investment obligations, to implement programmes that strengthen 
the capabilities of local suppliers, especially MSMEs , to meet sourcing  demands of investors of 
another Party. 
Article 26 : Cross -Border Co operation on Investment Facilitation   
26.1  On request, a Party shall, to the extent practicable, respond to questions from another Party 
on any measure covered by this Agreement.  Parties  shall designate an enquiry point or use the focal 
points or appropriate mechanisms referred to in paragraph 22.1. 
26.2  Parties  shall, to the extent practicable, enco urage cooperation between their respective 
competent authorities with respect to any matter falling within the scope of this Agreement. Areas 
for cooperation may include:  
(a) exchange  of information and sharing of experiences regarding the implementation of th is 
Agreement;  
(b) exchange  of information on domestic investors; and  
(c) the promotion of facilitation agendas with a view to increasing investment for 
development, including investment in and by MSMEs .  
26.3  Parties  are encouraged to inform the Committee about  cooper ation activities undertaken under 
this provision.  
  WT/GC/W/927/Rev.1  
 
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  SECTION V  
SPECIAL AND DIFFERENTIAL TREATMENT FOR DEVELOPING  
AND LEAST -DEVELOPED COUNTRY PARTIES  
Article 27 : General Principles  
27.1  Parties  should acknowledge the special difficulties experienced by developing , and particularly 
least-developed , country Parties  in implementing the provisions of this Agreement.  
27.2  Assistance and support for capacity building32 should be provided to help developing and l east-
developed country Parties  implement the provisions of this Agreement, in accordance with their 
nature and scope.33 
27.3  The extent and the timing of implementation of the provisions of this Agreement shall be 
related to the implementation capacities of dev eloping and least -developed country Parties . Where 
a developing or least -developed country Party continues to lack the necessary capacity, 
implementation of the provision(s) concerned will not be required until implementation capacity has 
been acquired.  
27.4  Least-developed country Parties  will only be required to undertake commitments to the extent 
consistent with their individual development  and financial  needs or their  administrative and 
institutional capabilities.  
27.5  These General Principles shall be applied through the provisions set out in  this Section.  
Article 28 : Categories of Provisions  
28.1  There are three categories of provisions:  
(a) Category A contains provisions that a developing country Party or a least -developed 
country Party designates for implementation upon entry into force of this Agreement , or 
in the case of a least -developed country Party within one year after entry into force , as 
provided in Article 29;  
(b) Category  B contains provisions that a developing country Party or a least -developed 
country Party designates for implementation on a date after a transitional period of time  
following the entry  into force of this Agreement , as provided in Article 30; and  
(c) Category  C contains provisions that a developing country Party or a least -developed 
country Party designates for implementation on a date after a transitional period of time 
following the entry into force of this Agreement and requiring the acq uisition of 
implementation capacity through the provision of assistance and support for capacity 
building , as provided in Article 30. 
28.2  Each developing and least -developed country Party shall self -designate, on an individual basis, 
the provisions it is including under Categor y A, Category B and Category C. These self -designations 
shall be guided by the self -assessment of compliance levels and implementation needs of developing 
and least -developed country Parties .  
Article 29 : Notification and Implementation of Category A 
29.1  Upon entry into force of this Agreement, each developing country Party shall implement its 
Category A commitments.  Those commitment s designated under Category A shall thereby constitute  
an integral part of this Agreement.  
 
32 For the purposes of this Agreement , "assistance and support for capacity building"  may take the form 
of technical, financial , or any other mutually agreed form of assistance provided.  
33 Assistance should also be provided to those Parties in undertaking self -assessments to determine the 
categorization of provisions for the implementation of this Agreement in accordance with Article 28. WT/GC/W/927/Rev.1  
 
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  29.2  A least -developed country Party may notify the Comm ittee of the provisions it has designated 
in Category A for up to one year after entry into force of this Agreement.  Each least -developed 
country Party's  commitments designated under Category A shall thereby constitute  an integral part 
of this Agreement.  
Article 30 : Notification of Dates for Implementation of Categories B and C 
30.1  With respect to the provisions that a deve loping country Party has not designated in 
Category  A, the Party may delay implementation in accordance with the process set out in this 
provision . 
Developing Country Party  Category B  
(a) Upon entry into force of th is Agreement , each developing country Party shall notify the 
Committee of the provisions that it has designated in Category  B and their corresponding 
indicative dates for implementation.34  
(b) No later than one year  following the entry into force of th is Agreement, each d eveloping 
country Party shall notify the Committee of its definitive dates for implementation of the 
provisions it has designated in Category B. If a developing country Party, before this 
deadline, believes it requires additional time to notify its definit ive dates, the Party may 
request that the Committee extend the period sufficient ly to notify its dates.  
Developing Country Party  Category C  
(c) Upon entry i nto force of th is Agreement , each developing country Party shall notify the 
Committee  of the provisions that it has designated in Category C and their corresponding 
indicative dates for implementation. For transparency purposes, notifications submitted 
shall include information on the assistance and support for capacity building that the Party 
requires in order to implement.35 
(d) Within one year  following  the entry into force of this Agreement,  developing country 
Parties  and relevant donor Parties , taking into account any existing arrangements already 
in place , notifications pursuant to paragr aph 36.1 and information submitted pursuant to 
subparagraph  30.1(c), shall provide information to the Committee on the arrangements 
maintained or entered into that are necessary to provide  assistance and support for 
capacity building to enable implementation of C ategory  C provisions .36 
(e) The participating developing country Party shall promptly inform the Committee of such 
arrangements. The Committee shall also invite non -Member donors to provide information 
on existing or concluded arrangements.  
(f) Within 18 months from the date of the provision of the information stipulated in 
subparagraph  30.1(d), donor Parties  and respective developing country Parties shall 
inform the Committee of the  progress  in the provision of assistance and support for 
capacity building. Each developing country Party shall, at the same time, notify its list of 
definitive dates for implementation.  
30.2  With respect to those provisions that a least -developed country Party has not designated under 
Category A, least -developed country Parties  may delay implementation in accorda nce with the 
process set forth in this Article . 
 
34 Notifications submitted may also include such further information as the notifying Party deems 
appropriate. Parties  are encouraged to provide information on the domestic agency or entity responsible for 
implementation.  
35 Parties  may also include information on national investment facilitation implementation plans or 
projects, the domestic age ncy or entity responsible for implementation, and the donors with which the Party 
may have an arrangement in place to provide assistance.  
36 Such arrangements will be on mutually agreed terms, either bilaterally or through appropriate 
international organiza tions, consistent with paragraph 35.3. WT/GC/W/927/Rev.1  
 
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  Least -Developed Country Party  Category B  
(a) No later than one year following  the entry into force of this Agreement, a least -developed 
country Party shall notify the Committee of its Category B provisions and may notify their 
corresponding indicative dates for implementation of these provisions, taking into account 
maximum flexibilities for least -developed country Parties . 
(b) No later than two years after the notification date stipulated under subparagraph 30.2(a), 
each least -developed country Party shall notify the Committee  to confirm designations of 
provisions and notify its definitive dates for implementation. If a least -developed country 
Party, before this deadline, believes it requires additional time to no tify its definitive dates, 
the Party may request that the Committee extend the period sufficiently to notify its dates.  
Least -Developed Country Party  Category C  
(c) For transparency purposes and to facilitate arrangements with donors, one year following  
the entry into force of this Agreement, each least -developed country Party shall notify the 
Committee of the provisions it has designated in Category C, taking into accou nt maximum 
flexibilities for least -developed country Parties . 
(d) One year after the date stipulated in subparagraph 30.2(c), least -developed country 
Parties  shall notify information on assistance and support for capacity building that  the 
Party requires in order to implement.37 
(e) No later than two years after the notification under subparagraph 30.2(d), least -developed 
country Parties  and relevant donor Parties , taking into account information submitted 
pursuant to subparagraph 30.2(d), shall provide information to the Committee on the 
arrangements maintained or entered into that are necessary to provide assistance and 
support for capacity bu ilding to enable implementation of Category  C provisions .38 The 
participating least -developed country Party shall promptly inform the Committee of such 
arrangements. The least -developed country Party shall, at the same time, notify indicative 
dates for imp lementation of corresponding Category C commitments covered by the 
assistance and support arrangements. The Committee shall also invite non -Member 
donors to provide information on existing and concluded arrangements.  
(f) No later than 18 months from the date o f the provision of the information stipulated in 
subparagraph 30.2(e), relevant donor Parties  and respective least -developed country 
Parties  shall inform the Committee of the  progress  in the provision of assistance and 
support for capacity building. Each least -developed country Party shall, at the same time, 
notify the Committee of its list of definitive dates for implementation.  
30.3  Developing and least -developed country Parties  experiencing difficulties in submitting 
definitive dates for implementation within the deadlines set out in paragraph s 30.1 and 30.2 because 
of the lack of donor support or lack of progress in the provision of assistance and support for capacity 
building should notify the Committee as early as possible prior to the expirat ion of those deadlines. 
Parties  agree to cooperate to assist in addressing such difficulties, taking into account the particular 
circumstances and special problems facing the Party concerned. The Committee shall, as 
appropriate, take action  to address the difficulties including, where necessary, by extending the 
deadlines for the Party concerned to notify its definitive dates.  
30.4  Three months before the deadline stipulated in subparagraph s 30.1(b)  or 30.1(f) , or in the 
case of a least -developed country Party, subparagraphs 30.2(b)  or 30.2(f) , the Secretariat shall 
remind a Party if that Party has not notified a definitive date for implem entation of provisions that 
it has designated in Category B or C. If the Party does not invoke paragraph 30.3, or in the case of 
a developing country Party subpa ragraph 30.1(b) , or in the case of a least -developed country Party 
subparagraph 30.2(b) , to extend the deadline  and still does not notify a definitive date for 
 
37 Parties  may also include information on national investment  facilitation implementation plans or 
projects, the domestic agency or entity responsible for implementation, and the donors with which the Party 
may have an arrangement in place to provide assistance.  
38 Such arrangements will be on mutually agreed terms, either bilaterally or through appropriate 
international organ izations , consistent with paragraph 35.3. WT/GC/W/927/Rev.1  
 
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  implementation, the Party shall implement the provisions within one year after the deadline 
stipulated in subparagraph s 30.1(b)  or 30.1(f) , or in the case of a least -developed country Party, 
subparagraph s 30.2(b)  or 30.2(f) , or extended by paragraph  30.3. 
30.5  No later than 60 days after the dates for notification of definitive dates for implementation of 
Category B and Category C provisions in accordance with paragraphs 30.1, 30.2, or 30.3, the 
Committee shall take note of the annexes containing each Party's  definitive dates for implementation 
of Category B and Category C provisions, including any dates set under paragraph  30.4, thereby 
making these annexes an integral part of this Agreement.  
Article 31 : Early Warning Mechanism: Extension of Implementation Dates for Provisions 
in Categories  B and C 
31.1   
(a) A developing or least -developed country Party that considers itself to be experiencing 
difficulty in implementing a provision that it has designat ed in Category B or Category C 
by the definitive date established under subparagraph s 30.1(b)  and 30.1(f) , or in the case 
of a least -developed country Party subparagraph s 30.2(b)  and 30.2(f) shall notify the 
Committee. Developing country Parties  shall no tify the Committee no later than 120 days 
before the expiration of the implementation date. Least -developed country Parties  shall 
notify the Committee no later than 90 days before such date.  
(b) The notification to the Committee shall indicate the new date by which the developing 
country Party or least -developed country Party expects to be able to implement the 
provision concerned. The notification shall also indicate the reasons for the expected del ay 
in implementation. Such reasons may include the need for assistance and support for 
capacity building not earlier anticipated , or additional assistance and support to help build 
capacity.  
31.2  Where a developing country Party's  request for additional time fo r implementation does not 
exceed 18 months or a least -developed country Party's  request for additional time does not exceed 
three  years, the requesting Party is entitled to such additional time without any further action by 
the Committee.  
31.3  Where a developin g or least -developed country Party considers that it requires a first extension 
longer than that provided for in paragraph 31.2 or a second or any subsequent ext ension, it shall 
submit to the Committee a request for an extension containing the information described in 
subparagraph 31.1(b)  no later than 120 days in respe ct of a developing country Party and 90 days 
in respect of a least -developed country Party before the expiration of the original definitive 
implementation date or that date as subsequently extended.  
31.4  The Committee shall give sympathetic  consideration  to granting requests for extension taking 
into account the specific circumstances of the Party submitting the request. These circumstances 
may include difficulties and delays in obtaining assistance and support for capacity building.  
Article 32 : Expert  Group to Support Implementation of Category B and Category C 
Provisions  
32.1  If a developing country Party or a least -developed country Party, having fulfilled the 
procedures set forth in paragraph s 30.1 or 30.2 and in Article 31, and where an extension requested 
has not been granted or where the developing country Party or least -developed country Party 
otherwise experiences unforeseen circumstances that prevent an ex tension being granted under 
Article 31, self-assesses that its capacity to implement a provision under Category C continues to be 
lacking, that Party shall notify  the Committee of its inability to implement the relevant provision.  
32.2  The Committee shall establish an Expert Group immediately, and in any case no later than 
60 days after the Committee receives the notification from the relevant developing country Party or 
least-developed country Party. The Expert Group will examine the issue and make a recommendation 
to the Committee within 120 days of its composition.  WT/GC/W/927/Rev.1  
 
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  32.3  The Expert Group shall be composed of five independent persons that are highly qualified in 
the fields o f investment facilitation and assistance and support for capacity building. The composition 
of the Expert Group shall ensure balance between nationals from developing and developed country 
Parties . Where a least -developed country Party is involved, the Exp ert Group shall include at least 
one national from a least -developed country Party. If the Committee cannot agree on the 
composition of the Expert Group within 20 days of its establishment, the Director -General, in 
consultation with the chair of the Commit tee, shall determine the composition of the Expert Group 
in accordance with the terms of this paragraph.  
32.4  The Expert Group shall consider the Party's  self-assessment of lack of capacity and shall make 
a recommendation to the Committee. When considering the Expert Group's recommendation 
concerning a least -developed country Party, the Committee shall, as appropriate, take action that 
will facilitate the acquisition of sustainable implementation capacity.  
32.5  The Party shall not be subject to proceedings under the Dispute Settlement Understanding  on 
this issue from the time the developing country Party notifies the Committee of its inability to 
implement the relevant provision until the first meeting of the Committee af ter it receives the 
recommendation of the Expert Group. At that meeting, the Committee shall consider the 
recommendation of the Expert Group. For a least -developed country Party, the proceedings under 
the Dispute Settlement Understanding shall not apply to  the respective provision from the date of 
notification to the Committee of its inability to implement the provision until the Committee makes 
a decision on the issue, or within 24 months after the date of the first Committee meeting set out 
above, whichev er is earlier.  
32.6  Where a least -developed country Party loses its ability to implement a Category C 
commitment, it may inform the Committee and follow the procedures set out in this Article . 
Article 33 : Shifting Between Categories B and C 
33.1  Developing and least -developed country Parties  which have notified provisions under 
Categories B and C may shift provisions between such categories through the submission of a 
notification to the Committee. Where a Party proposes to shift a provision from Category B to 
Category C, the Party shall provide information on the assistance and support required to build 
capacity.  
33.2  In the event that additional time is required to implement a provision shifted from Category  B 
to Category C, the Party may: 
(a) use the pro visions of  Article 31, including the opportunity for an automatic extension;  
(b) request  an examination by the Committee of the Party's  request for extra time to 
implement the provision and, if necessary, for assistance  and support for capacity building, 
including the possibility of a review and recommendation by the Expert Group under 
Article  32; or 
(c) in the case of a least -developed country Party, any new implementation date of more than 
four years after the original date notified under Category B shall require approval by the 
Committee. In addition, a least -developed country Party shall continue to have recourse 
to Article 31. It is understood that assistance and support for capacity building is required 
for a least -developed country Party so shifting.  
Article 34 : Grace Period for the Application of the Dispute Se ttlement Understanding  
34.1  For a period of two years after entry into force of this Agreement, the provisions of  Articles  XXII 
and XXIII of the GATT  1994 as elaborated and applied by the Dispute Settlement Understanding  
shall not apply to the settlement of disputes against a developing country Party concerning any 
provision that the Party has designated in Category A.  
34.2  For a period of six years after entry into force of this Agreement, the provisions of Articles  XXII 
and XXIII of the GATT 1994 as elaborated and applied by the Dispute Settlement Understanding  WT/GC/W/927/Rev.1  
 
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  shall not apply to the settlement of disputes against a least -developed country Party concerning any 
provision that the Party has designated in Category  A. 
34.3  For a peri od of eight years after implementation of a provision under Category B or C by a 
least-developed country Party, the provisions of Articles XXII and XXIII of the GATT 1994 as 
elaborated and applied by the Dispute Settlement Understanding  shall not apply to the settlement 
of disputes against that least -developed country Party concerning that provision.  
34.4  Notwithstanding the grace period for the application of the  Dispute Settlement Understanding , 
before making a request for consultations purs uant to the  Dispute Settlement Understanding , and 
at all stages of dispute settlement procedures with regard to a measure of a least -developed country 
Party, a Party shall give particular consideration to the special situation of least -developed country 
Parties. In this regard, Parties  shall exercise due restraint in raising matters under the Dispute 
Settlement Understanding  involving  least-developed country Parties . 
34.5  Each Party shall, upon request, during the grace period allowed under this Article, provide  
adequate opportunity to other Parties  for discussion with respect to any issue relating to the 
implementation of this Agreement.  
Article 35 : Provision of Assistance and Support for Capacity Building   
35.1  Donor Parties39 agree to facilitate the provision of  technical assistance and support for Parties  
on mutually agreed terms, either bilaterally or through the appropriate international organizations .40 
The objective is to assist developing and least -developed country Parties  to implement the provisions 
of Sections  II through  IV and Section VI of this  Agreement.  
35.2  Given the special needs of least -developed country Parties , targeted assistance and support 
should be provided to the least -developed country Parties  so as to help them build sustainable 
capacity to i mplement their commitments. Through the relevant development cooperation 
mechanisms and consistent with the principles of technical assistance and support for capacity 
building as referred to in paragraph 35.3, development partners shall endeavour to provide 
assistance and support for capacity building in this area in a way that does not compromise existing 
development priorities.  
35.3  Parties  shall endeavo ur to apply the following principles for providing assistance and support 
for capacity building with regard to the implementation of this Agreement:  
(a) take account of the overall developmental framework of recipient countries and regions 
and, where relevant and ap propriate, ongoing reform and technical assistance 
program mes;  
(b) include , where relevant and appropriate, activities to address regional and subregional 
challenges and promote regional and sub -regional integration;  
(c) ensure  that ongoing investment facilitati on reform activities of the private sector are 
factored into assistance activities;  
(d) promote  coordination between and among Parties  and other relevant institutions, including 
regional economic communities, to ensure maximum effectiveness of and results fro m this 
assistance. To this end:  
(i) coordination , primarily in the country or region where the assistance is to be 
provided, between partner Parties  and donors and among bilateral and multilateral 
donors, should aim to avoid overlap and duplication in assistance program mes and 
 
39 For the purposes of this Agreement, donor  Parties  include  developed country Parties , and developing 
country Parties  in a position to provide technical assistance and support for capacity building.  
40 Such activities shall seek to complement and build on existing frameworks or arrangements between 
the Parties  concerned.  WT/GC/W/927/Rev.1  
 
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  inconsistencies in reform activities through close coordination of technical 
assistance and capacity building interventions;  
(ii) for least-developed country Parties , the Enhanced Integrated Framework should be 
a part of this coordination process , where relevant ; and 
(iii) Parties  should also promote internal coordination between their investment , trade 
and development officials, both in c apitals and in Geneva, in the implementation 
of this Agreement and technical assistance.  
(e) encourage  use of existing in -country and regional coordination structures such as 
roundtables and consultative groups to coordinate and monitor implementation activit ies; 
and  
(f) encourage  developing country Parties  to provide capacity building to other developing and 
least-developed country Parties  and consider supporting such activities, where possible.  
35.4  The Committee shall hold at least one dedicated session per year t o:  
(a) discuss  any problems regarding implementation of provisions or sub -parts of provisions of 
this Agreement;  
(b) review  progress in the provision of assistance and support for capacity building to support 
the implementation of th is Agreement , including any de veloping or least -developed 
country Parties  not receiving adequate assistance and support for capacity building;  
(c) share  experiences and information on ongoing assistance and support for capacity building 
and implementation program mes, including  challenges and successes;  
(d) review donor notifications as set forth in Article 36; and  
(e) review  the operation of paragraph 35.2. 
35.5  Technical assistance and capacity building may also include : 
(a) building  expertise in relevant authorities to strengthen their capacities to maximize 
positive impacts of investment;  
(b) building  capac ity for the preparation of feasibility studies for investment projects, including 
environmental and social impact assessments and regulatory and administrative 
requirements; and  
(c) other activities and priorities as agreed by beneficiary and donor Parties . 
Article 36 : Information on Assistance and Support for Capacity Building to be Submitted 
to the Committee  
36.1  To provide transparency to developing and least -developed country Parties  on the provision of 
assistance and support for capacity building for implementation of the relevant sections of this 
Agreement, each donor Party assisting developing and least -developed country Parties  with the 
implementation of this Agreement shall submi t to the Committee, at entry into force of this 
Agreement and annually thereafter, the following information on its assistance and support for 
capacity building that was disbursed in the preceding 12 months and, where available, that is 
committed in the ne xt 12 months41:  
(a) a description of the assistance and support for capacity building;  
 
41 The information p rovided will reflect the demand -driven nature of the provision of assistance and 
support for capacity building.  WT/GC/W/927/Rev.1  
 
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  (b) the status and amount committed  or disbursed;  
(c) procedures for disbursement of the assistance and support;  
(d) the beneficiary Party or, where necessary, the region; and  
(e) the implementing agency in the Party providing assistance and support.  
Developing country Parties  declaring themselves in a position to provide assistance and support for 
capacity building are encouraged to provide the information above.  
36.2  Donor Parties  assisting developing and least -developed country Parties  shall submit to the 
Committee:  
(a) contact point s of their agencies responsible for providing assistance and support for 
capacity  building related to the implementation of Sections  II through IV and VI  of this 
Agreement including, where practicable, information on such contact points within the 
country or region where the assistance and support is to be provided; and  
(b) information  on the process and mechanisms for requesting assistance and support for 
capacity building.  
Developing country Parties  declaring themselves in a position to provide assistance an d support are 
encouraged to provide the information above.  
36.3  Developing country Parties  and least -developed country Parties  intending to avail themselves 
of investment facilitation -related assistance and support for capacity building shall submit to the 
Comm ittee information on contact point(s) of the office(s) responsible for coordinating and 
prioritizing such assistance and support.  
36.4  Parties  may provide the information referred to in paragraphs 36.2 and 36.3 through internet 
references and shall update the information as necessary. The Secretar iat shall make all such 
information publicly available.  
36.5  The Committee shall invite relevant international and regional organizations such as the United 
Nations Conference on Trade and Development ( hereinafter referred to as  "UNCTAD "), the World 
Bank, the O rganisation for Economic Co -operation and Development ( hereinafter referred to as the  
"OECD "), the International Trade Centre ( hereinafter referred to as  "ITC"), the United Nations 
Regional Commissions and regional development banks and other agencies of c ooperation to provide  
information referred to in paragraphs 36.1, 36.2, and 36.4. 
36.6  The WTO may collaborate with other international organizations such as those referred to in 
paragraph 36.5 to comprehensively  study and evaluate the needs for i nvestment facilitation of 
developing country Parties , especially the least -developed country Parties , and at the request of 
these Parties , provide assistance and support for capacity building program mes that are 
commensurate with their development levels a nd economic objectives. Such collaboration should 
aim to enhance coordination in order to maximize the benefits of this Agreement.  
  WT/GC/W/927/Rev.1  
 
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  SECTION VI  
SUSTAINABLE INVESTMENT  
Article 37 : Responsible Business Conduct  
37.1  With a view to promoting sustainable development, e ach Party shall encourage investors and 
enterprises operating within its territory or subject to its jurisdiction to voluntarily incorporate into 
their business practices and internal policies internationally recognized principles, standards and 
guidelines of res ponsible business conduct42 that have been endorsed or are supported by that Party.  
37.2  In accordance with its legal system , each Party should encourage investors and enterprises 
operating within its territory to undertake and maintain meaningful engagement and dialogue, in 
accordance with international responsible business conduct principles, standards and guidelines that 
have been endorsed or are supported by that Party, with Indigenous Peoples , traditional 
communities and local communities.  
37.3  Each Party recogni zes the importance of investors and enterprises implementing due diligence 
for responsible business conduct in order to identify and address adverse impacts in t heir operations, 
their supply chains and other business relationships.  
37.4  The Parties  agree to exchange any information and best practices available on issues covered 
by paragraphs  37.1 and 37.2, including on possible ways to facilitate the uptake by enterprises and 
investors of responsible business practices and reporting , in the Committee .  
Article 38 : Measures Against Corruption  
38.1  In accordance with its legal system and internationally agreed standards and commitments 
that it has adhered to or that it supports43, each Party  shall ensure that measures are taken to 
prevent and fight corruption and money laundering with respect to matters falling within the scope 
of this Agreement.  
38.2  Each Party recogni zes the importance of principles such as accountability, transparency and 
integrity with regard to the development of its anti -corruption policies, and of taking measures 
affecting investment in a transparent manner and avoiding conflicts of interest and corrupt practices.  
38.3  In accordance with its legal system and internationally agreed standards and commitments 
that it has adhered to o r that it supports, each Party agrees to exchange information and best 
practices on issues covered by paragraphs  38.1 and 38.2, including with a view to identifying 
measures or areas of cooperation to prevent and fight corruption and money laundering in matters 
affecting investment,  in the Committee.  
  
 
42 Principles, standards and guidelines of responsible business conduct are those referred to in 
international instruments such as the United Nat ions Guiding Principles on Business and Human Rights, the 
International Labour Organization's  Tripartite Declaration of Principles Concerning Multinational Enterprises and 
Social Policy and the OECD Guidelines for Multinational Enterprises and related due diligence guidance.  
43 Internationally agreed standards and commitments may include the United Nations Convention 
against Corruption done at New York on 31 October 2003, the Convention on Combating Bribery of Foreign 
Public Officials in International Busine ss Transactions, with its Annex, done at Paris on 21 November 1997, or 
the Inter -American Convention Against Corruption, done at Caracas on 29 March 1996.  WT/GC/W/927/Rev.1  
 
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  SECTION VII  
INSTITUTIONAL ARRANGEMENTS AND FINAL PROVISIONS  
Article 39 : WTO Committee on Investment Facilitation   
39.1  A Committee on Investment Facilitation is hereby established.  
39.2  The Committee shall be open for participation by all Parties  and shall elect its own Chairperson. 
The Committee shall meet as needed and envisaged by the relevant provisions of this Agreement, 
but no less than once a year, for the purpose of affording Parties  the opportunity to consult on any 
matters related to the implementation and operation of this Agre ement or the furtherance of its 
objectives. The Committee shall carry out such responsibilities as assigned to it under this 
Agreement or by the Parties . The Committee shall establish its own rules of procedure.  
39.3  The Committee may establish such subsidiary bodies as may be required. All such bodies shall 
report to the Committee.  
39.4  The Committee shall develop procedures for the sharing by Parties  of information and 
experiences on investment facilitation, as well as the identification of best practices, as appro priate.  
39.5  The Committee shall prepare an annual report on investment facilitation measures undertaken 
to implement this Agreement  based , inter alia , on information notified by Parties  or otherwise 
authorized by them.   
39.6  The Committee shall maintain close conta ct with other international organizations in the field 
of investment facilitation , such as  UNCTAD , the United Nations Industrial Development Organization, 
the World Ban k, the OECD  and the  ITC44 with the objective of securing the best available advice for 
the implementation and administration of this  Agreement and in order to ensure that unnecessary 
duplication of effort is avoided. To this end, the Committee may invite representatives of such 
organizations or their subsidiary bodies to:  
(a) attend meetings of the Committee;  
(b) discuss specific matters related to the implementation of this Agreement;  and 
(c) discuss matters related to cooperation on investment facilitation to further the objectives 
of this Agreement . 
39.7  The Committee shall review the operation and implementation of this Agreement four years 
from its entry into force, and periodically thereafter. The Committee shall report to the General 
Council periodically.  
39.8  Parties  are encouraged to raise befor e the Committee questions relating to issues on the 
implementation and application of this Agreement.  
39.9  The Committee shall encourage and facilitate ad hoc discussions among Parties  on specific 
issues under this Agreement with a view to reaching a mutually satisfactory solution promptly.  
39.10   The Committee shall explore and discuss the possibility of establishing an Investment 
Facilitation Facility with the aim of assisting developing country Parties , and especially the least -
developed country Parties , to implement the provisions of this Agreement.  
39.11   Parties  that adopt or maintain measures of general application to facilitate outward foreign 
direct investment  are encouraged to share experiences and information in the Committee.  
39.12   Any Member of the WTO that is n ot a Party to this Agreement shall be entitled to participate 
in the Committee as an observer by submitting a written notice to the Committee. Any WTO observer 
 
44 This provision includes maintaining close contact with relevant international organizations in the field 
of responsible business conduct.  WT/GC/W/927/Rev.1  
 
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  may submit a written request to the Committee to participate in the Committee as an observer, an d 
may be accorded observer status by the Committee.  
Article 40 : Disclosure of Confidential Information  
Nothing in this Agreement shall require any Party to provide confidential information, the 
disclosure of which would impede law enforcement, or otherwise be contr ary to the public interest, 
or which would prejudice legitimate commercial interests of particular enterprises, public or private.  
Article 41 : General  and Security Exceptions  
Article XIV  and paragraph 1 of Article XIV bis of the GATS  and Article s XX and XXI  of the 
GATT  199445 shall apply mutatis mutandis  to this Agreement .  
Article 42 : Financial Exceptions  
Nothing in this Agreement  shall be construed to prevent any Party from adopting or 
maintaining measures for prudential reasons, including:  
(a) for the protection of investors, depositors, policy holders or persons to whom a fiduciary 
duty is owed by a financial service supplier; or   
(b) to ensure the integrity and stability of the financial system.  
Where such measures do not conform with the provisions of th is Agreement , they shall not be used 
as a means of avoiding the Party's  commitments or obligations under th is Agreement . 
Article 43 : Monetary and Exchange Rate Policies  
Nothing in this Agreement shall be so construed as to prevent a Party from adopting or 
maintainin g measures of general application taken in pursuit of monetary policy, exchange rate 
policy or related measures.  
Article 44 : Dispute Settlement  
44.1  For any dispute concerning the interpretation and application of this Agreement, Parties  shall 
only have recourse to the  Dispute Settlement Understanding . 
44.2  Articles XXII and XXIII of the GATT 1994 as elaborated and applied by the  Dispute Settlement 
Understanding shall apply to consultations and the settlement of disputes under this Agreement .  
44.3  Parties  are encouraged to consider resorting to good offices, conciliation and mediation 
provided in Article 5 and arbitration provided in Article 25 of the Dispute Settlement Understanding 
to facilitate the solution of their disputes.  
44.4  Parties  shall not h ave recourse to dispute settlement under this Article for matters arising 
under Article s 37 and 38 of this Agreement . 
Article 45 : Final Provisions46 
45.1  Any Member of the WTO may accept this Agreement. Acceptance  shall take place by deposit 
of an instrument of acceptance to this Agreement with the Director -General of the WTO. This 
 
45 Waivers applicable to the GATT 1994 or any part thereof, granted according to Article IX:3 and 
Article  IX:4 of the WTO Agreement and any amendments thereto as of the date of entry into force of this 
Agreement, shall  apply to the provisions of this Agreement.   
46 For greater certainty, and for the purpose s of this Agreement, provided that such measures are not 
used as a means of arbitrary or unjustifiable discrimination against investors  of another Party or as a  disguised 
restriction on investment, nothing in this Agreement prevents the adoption by a Party of measures it considers 
necessary to accord more fa vourable treatment to Indigenous Peoples in its territory in respect of matters 
 WT/GC/W/927/Rev.1  
 
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  Agreement shall enter into force, for those Members of the WTO which have accepted it, on the 30th 
day following the deposit of the 75th instrument of acceptance47, and thereafter for each other 
Member on the 30th day following the deposit of its instrument of acceptance.  
45.2  Parties  shall implement this Agreement from the date of its entry into force. Developing and 
least-developed country Parties  that choose to use the provisions of Section V shall implement this 
Agreement in accordance with that Section.  A developing or least -developed country Party which 
accepts this Agreement after its entry into force shall implement its Category B and C commitments 
counting the relevant periods from the date this Agreement enters into force for that Party.  
45.3  Nothing in this Agreement shall be construed as diminishing the rights and obligations of the 
Parties  under the  WTO Agreement . This Agreement does not create either obligations or rights for 
Members that have not accepted it.  
45.4  Reservations may not be entered in respec t of any of the provisions of this Agreement . 
45.5  The Parties may amend this Agreement. A decision by the Committee to adopt an amendment 
and to submit it for acceptance by the Parties shall be taken by consensus. An amendment shall 
enter into force:  
(a) except as provided for in subparagraph (b), in respect of those Parties that accept it, upon 
acceptance by two thirds of the Parties and thereafter for each other Party upon 
acceptance by it;  
(b) for all Parties upon acceptance by two thirds of the Parties if it is an amendment that the 
Committee, by consensus, has determined to be of a nature that would not alter the rights 
and obligations of the Parties.  
45.6  Any Party may withdraw from this Agreement by written notification of its intent to withdraw 
to the Director -General of the WTO. The withdrawal shall take effect upon the expiration of 60 days 
from the date of receipt of the notification by the Director -Genera l of the WTO. Any Party may, upon 
being informed of such notification pursuant to paragraph 45.12 , request an immediate meeting of 
the Committee.  
45.7  Where a Party to this Agreement ceases to be a Member of the WTO, it shall cease to be a 
Party to this Agreement with effect on the date on which it ceases to be a Member of the WTO.  
45.8  This Agreement shall not apply as between any two Parties if either of the Parties, at th e time 
either Party accepts this Agreement, does not consent to such application.  
45.9  The Category A commitments of developing and least -developed country Parties annexed to 
this Agreement in accordance with paragraphs 29.1 and 29.2 shall constitute an integral part of this 
Agreement.  
45.10   The Category B and C commitments of devel oping and least -developed country Parties taken 
note of by the Committee and annexed to this Agreement pursuant to  paragraph 30.5 shall constitute 
an integral part of this Agreement.  
45.11   This Agreement shall be serviced by the WTO Secretariat.  
45.12   This Agreement shall be deposited with the Director -General of the WTO, who shal l promptly 
furnish to each Party  a certified copy of this Agreement  and of each amendment pursuant to 
 
covered by this Agreement, including in fulfilment of its legal, constitutional or treaty obligations  to those 
Indigenous Peoples. For greater certainty, and for these purposes , the interpretation of a Party's  legal, 
constitutional or treaty obligations to  Indigenous Peoples in its territory, including as to the nature of th e rights 
and responsibilities arising thereunder, shall not be subject to the dispute settlement provision s in this 
Agreement. Article 44 shall otherwise apply.  
47 For the purposes of calculation of acceptances under this Article, an instrument of acceptance by the 
European Union for itself and in respect of its Member States shall be counted as a number of ins truments of 
acceptance equal to the number of Member States of the European Union which are Members to the WTO.  WT/GC/W/927/Rev.1  
 
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  paragraph 45.5, and a notification of each acceptance thereo f pursuant to  paragraph 45.1 and of 
each withdrawal pursuant to paragraph 45.6 or 45.7.  
45.13   This Agreement shall be registered in accordance with the provisions of Article 102 of the 
Charter of the United Nations.  
DONE at Abu Dhabi this twenty -fifth day of February two thousand a nd twenty -four, in a single copy 
in the English, French and Spanish languages, each text being authentic.  
__________